TPBank profit higher than expected

Thursday, Jan 09, 2014 15:40

A TPBank transaction counter. The bank's business results were better than expected in 2013. — VNA/VNS Photo

HA NOI (Biz Hub) – The Tien Phong Joint Stock Commercial Bank (TPBank) generated VND362 billion (US$17.24 million) in pre-tax profit in 2013, which is 15 per cent higher than the target set for the year.

Deposits from the public grew 160 per cent, while lending expanded 190 per cent year-on-year, the bank said. Bad debts accounted for less than 2 per cent of the total outstanding loans.

The results were better than expected. At the start of 2013, the plan was to increase deposits to VND19 trillion (up 105 per cent from the previous year), increase lending to VND13.5 trillion (up 122 per cent) and limit the bad debt ratio to below 3.5 per cent.

In 2013, the number of customers at the bank tripled to about 240,000. Over 500 new employees were recruited during the year, increasing the number of employees to nearly 1,400.

In December, TPBank was presented a certificate of merit by Prime Minister Nguyen Tan Dung for its success in corporate restructuring, a process that began in July 2012 following the State Bank of Viet Nam's approval. – VNS

Comments (0)